Are You Watching CNBC? Nobody Else Is!
July 9, 2013
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Back in the early 1990’s having a television tuned to CNBC was a necessity if you were working in “the business”. The information flow from Ron Insana, Neil Cavuto and a very young Maria Bartiromo with Sue Herera was riveting and made the viewer au courant on all things financial. Pre-Internet this business news channel was a blessing and a marvel. The who’s who of the financial industry was interviewed and moved markets with their opinions.
I gave up my television set and CNBC after the 2000 Internet market crash. The world had changed. The Internet, though still in its infancy, found financial information flow easy to disseminate and on demand. Why wait for the cheesy infomercial when the information was available at your fingertips. Then along came video, yes it buffered more times than it played but I was patient because the information I was getting was worth it. Today, video – such as YouTube – is amazing simple, on demand with little to no buffering. (Do the kids today know what buffering is? Probably not!)
From time to time I wonder whether anybody else is watching CNBC? Well from Zero Hedge I got my answer. Here is the Nielson Media chart on the viewership of CNBC over the last 10 years or so. The numbers on the side of the chart are industry jargon but it doesn’t take a brain surgeon to figure out viewership is hitting an all time low.
To me this is bullish. Why? The financial industry – especially the money management business – in my mind had gotten way to popular for its own good. This used to be a cottage industry. Money managers were nobodies back in the day not rock stars. Speaking for myself it would be great if we could back to the good old days. Less publicity, less of a spotlight on this industry would be a good thing in my opinion.
With the stock market delivering two market crashes, 2000 and 2008, in less than 10 years I get the sense the general public have given up on equities. They are migrating back to the GIC world with which they originally came. Going back to the 1830’s over each decade the 2000’s was the worst decade on record for stocks on the New York Stock Exchange giving a negative return of 0.5%. Even the 1930’s had a better return!
Maybe the boomers have had enough and have taken their money and eyeballs somewhere else. Leaving the playing field for those who understand valuation and the cyclicality of market cycles. Maybe, just maybe television financial news is the thing of the past and will be lost in the unlimited channel universe of the future.